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Gift of assets to various persons -relative and non relatives involves different issues under Income tax Act which has many provisions to deal with gift of assets .When a person receives any capital asset as gift and later sells it, the question of capital gains arises. However, this posting will try to dwell on three important...
Gift tax is revived under Income as receipt of gift is now tax free u/s 56(2) of the I T Act only if received from an specified persons. Tax free gifts can be received from blood relatives without any limit. Sameer Suresh Acharya of Bijapur asks question on taxability of receipt of gift for wife from...
Gift received from HUF is tax free or not was a great controversy . However,income tax tribunal, Rajkot in case of Vineetkumar Raghavjibhai Bhalodia vs ITO has held that the gift received from HUF by a member is exempt on two grounds the HUF is relative for its member Alternatively, the gift from HUF falls under...
Section 56(2)(vii) is among many exceptions provides under clause (d) that if an individual or HUF receives any sum of money without consideration (read as gift ) in contemplation of death , the receipt will not be taxable. The issue is what is the meaning of phrase "in contemplation of death " which is not explained any where in the Income Tax Act.
There is express provision to consider a gift from unknown persons under clause VII of section 56 (2) of the I T Act . However the proviso to said section 56(2) provides certain exception under which section 56(2) is not applicable
Capital gains exemption u/s 54 provides relief to a tax payer who gets gains on account of sale of … [Read More...]
Form 15G or 15H are declaration for individual residents and HUF that they have neither taxable … [Read More...]
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